Another day, another plan for a super luxury condo building near Central Park. As expected, the estate of Leona Helmsley is selling the Park Lane Hotel for more then $650 million to the Witkoff Group. Previously reports said that the development team was something of a collaboration between Witkoff and Harry Macklowe, but Macklowe's name is not mention in today's Journal article detailing the deal. Witkoff plans to turn "the bulk of the property" into high-end condos, but it's still unclear if that means the current building will be converted or if they'll knock it now and start anew.
Both routes have their complications. If the tower is torn down, a rezoning would be necessary to build a taller tower; current regulations would allow for a building two-thirds the size of the 46-story, 370,000-square-foot hotel. Converting would also prove tricky. The Journal points out that since the building was construction in the 1970s, it lacks the pre-war goodness that allows other condo conversions to ask nosebleed prices. There's also that pesky hotel workers' union, who will be none too pleased if the Witkoff Group takes away jobs. Whatever happens, we're guaranteed years of development drama, so it's sure to be a fun time.
· Park Lane Hotel in Deal to be Sold for $650 Million [WSJ]
· Helmsley Park Lane Hotel coverage [Curbed]